Andrew Forrest
Encyclopedia
Andrew Forrest also known by his nickname "Twiggy", is a Western Australian mining entrepreneur, former chief executive officer
, non-executive chairman, and the major shareholder of Fortescue Metals Group
. Between 28 December 2007 and 3 October 2008, he was Australia's richest man.
and Hale School
in Perth
, and after graduating from the University of Western Australia
with a double major in economics and politics, worked as a stock broker at broking house Jacksons. In his early 30s, he became the founding CEO of Anaconda Nickel (now Minara Resources
). Although this project experienced teething problems during commissioning and attracted intense criticism, it has since grown to be one of Australia's single largest mineral exporters with its giant Murrin Murrin Joint Venture
nickel
project.
In 2003, he took control of Allied Mining and Processing and renamed it Fortescue Metals Group. Since then, the company has grown to possess three times the tenements of its nearest rival in Western Australia's iron ore rich Pilbara region. Fortescue holds major deposits at Mount Nicholas, Christmas Creek, Cloudbreak, and Tongolo.
In 2007, he took control of a Niagara Mining, which owns tenements around Laverton, Western Australia, the site of the famous 1969 Poseidon nickel boom
.
On 18 February 2011, the Federal Court of Australia
upheld an appeal by the Australian Securities and Investment Commission, finding that Fortescue Metals Group and Forrest engaged in misleading and deceptive conduct and breached the continuous disclosure provisions in the Commonwealth Corporations Act 2001. Fortescue is appealing against the decision.
During his tenure at Fortescue, Forrest has been recognised for his work on the issue of indigenous disadvantage. However, some indigenous activists have accused Forrest of engaging in questionable methods of land acquisition.
. His early years were spent as a jackaroo on the family station at Mindaroo in the Pilbara.
His great-grandfather, David Forrest
, was the manager and (with his brothers John and Alexander
, and Septimus Burt
) part-owner of Minderoo Station, and was MLA for the seat of Ashburton for 2 years.
The Minderoo station was owned by the Forrest family until it was sold in 1998 by Donald, but it was bought back by Andrew in 2009.
Forrest is married with three children.
's new Teaching and Learning precinct including a new Library Resource Centre, named The Forrest Library in recognition of the contributions made by the Forrest family to the School.
In 2008, Forrest met with Australia's then PM Kevin Rudd
in request of some financial backing from the Federal Government for his plan to employ 50,000 Aborigines.
Andrew Forrest is also an Ambassador of the Australian Indigenous Education Foundation.
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
, non-executive chairman, and the major shareholder of Fortescue Metals Group
Fortescue Metals Group
Fortescue Metals Group is an Australian iron ore mining company. The company has holdings of more than 87,000 km² in the Pilbara region of Western Australia making it the largest tenement holder in the state. It is listed as FMG on the Australian Securities Exchange .In 2008, the group loaded...
. Between 28 December 2007 and 3 October 2008, he was Australia's richest man.
Career
He was educated at the Christ Church Grammar SchoolChrist Church Grammar School
Christ Church Grammar School is an independent, Anglican day and boarding school for boys from Pre-Primary to Year 12. Located in Perth, Western Australia, the school overlooks the Swan River at Freshwater Bay in Claremont....
and Hale School
Hale School
Hale School is a selective, independent, Anglican day and boarding school for boys, located in Wembley Downs, a coastal suburb of Perth, Western Australia....
in Perth
Perth, Western Australia
Perth is the capital and largest city of the Australian state of Western Australia and the fourth most populous city in Australia. The Perth metropolitan area has an estimated population of almost 1,700,000....
, and after graduating from the University of Western Australia
University of Western Australia
The University of Western Australia was established by an Act of the Western Australian Parliament in February 1911, and began teaching students for the first time in 1913. It is the oldest university in the state of Western Australia and the only university in the state to be a member of the...
with a double major in economics and politics, worked as a stock broker at broking house Jacksons. In his early 30s, he became the founding CEO of Anaconda Nickel (now Minara Resources
Minara Resources
Minara Resources Ltd is one of the major mining companies of Australia, specializing in the exploration of cobalt and nickel. Based in Perth, Minara Resources was founded in 1994 as the successor to Anaconda Nickel Ltd. which was founded by Fortescue Metals Group chief Andrew Forrest; it...
). Although this project experienced teething problems during commissioning and attracted intense criticism, it has since grown to be one of Australia's single largest mineral exporters with its giant Murrin Murrin Joint Venture
Murrin Murrin Joint Venture
The Murrin Murrin Joint Venture is a major nickel-cobalt mining operation being conducted in the North Eastern Goldfields, approximately 60 km east of Leonora, Western Australia...
nickel
Nickel
Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...
project.
In 2003, he took control of Allied Mining and Processing and renamed it Fortescue Metals Group. Since then, the company has grown to possess three times the tenements of its nearest rival in Western Australia's iron ore rich Pilbara region. Fortescue holds major deposits at Mount Nicholas, Christmas Creek, Cloudbreak, and Tongolo.
In 2007, he took control of a Niagara Mining, which owns tenements around Laverton, Western Australia, the site of the famous 1969 Poseidon nickel boom
Poseidon bubble
The Poseidon bubble was a stock market bubble in which the price of Australian mining shares soared in late 1969, then crashed in early 1970. It was triggered by the Poseidon NL company's discovery of a promising site for nickel mining in September 1969....
.
On 18 February 2011, the Federal Court of Australia
Federal Court of Australia
The Federal Court of Australia is an Australian superior court of record which has jurisdiction to deal with most civil disputes governed by federal law , along with some summary criminal matters. Cases are heard at first instance by single Judges...
upheld an appeal by the Australian Securities and Investment Commission, finding that Fortescue Metals Group and Forrest engaged in misleading and deceptive conduct and breached the continuous disclosure provisions in the Commonwealth Corporations Act 2001. Fortescue is appealing against the decision.
During his tenure at Fortescue, Forrest has been recognised for his work on the issue of indigenous disadvantage. However, some indigenous activists have accused Forrest of engaging in questionable methods of land acquisition.
Personal life
Forrest is the youngest son of Donald and Judith Forrest. He is the great-great nephew of former Premier John ForrestJohn Forrest
Sir John Forrest GCMG was an Australian explorer, the first Premier of Western Australia and a cabinet minister in Australia's first federal parliament....
. His early years were spent as a jackaroo on the family station at Mindaroo in the Pilbara.
His great-grandfather, David Forrest
David Forrest (Australian politician)
David Forrest was an Australian politician, a member of the Western Australian Legislative Assembly from 1900 to 1901, holding the seat of Ashburton. He was the younger brother of Sir John Forrest and Alexander Forrest, and the great-grandfather of Andrew Forrest.Forrest was the sixth child of...
, was the manager and (with his brothers John and Alexander
Alexander Forrest
Alexander Forrest CMG, was an explorer and surveyor of Western Australia, as well as a politician.-Early life:Forrest was born at Picton, near Bunbury in Western Australia, the son of William and Margaret Forrest...
, and Septimus Burt
Septimus Burt
The Hon Septimus Burt KC was a Western Australian lawyer, politician and grazier, the son of Sir Archibald Burt.He was born on 25 October 1847 at St Kitts in the West Indies, and educated at a private school at Melksham, Wiltshire, England...
) part-owner of Minderoo Station, and was MLA for the seat of Ashburton for 2 years.
The Minderoo station was owned by the Forrest family until it was sold in 1998 by Donald, but it was bought back by Andrew in 2009.
Forrest is married with three children.
Philanthropy
In 2009, Forrest opened Hale SchoolHale School
Hale School is a selective, independent, Anglican day and boarding school for boys, located in Wembley Downs, a coastal suburb of Perth, Western Australia....
's new Teaching and Learning precinct including a new Library Resource Centre, named The Forrest Library in recognition of the contributions made by the Forrest family to the School.
In 2008, Forrest met with Australia's then PM Kevin Rudd
Kevin Rudd
Kevin Michael Rudd is an Australian politician who was the 26th Prime Minister of Australia from 2007 to 2010. He has been Minister for Foreign Affairs since 2010...
in request of some financial backing from the Federal Government for his plan to employ 50,000 Aborigines.
Andrew Forrest is also an Ambassador of the Australian Indigenous Education Foundation.